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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  AstraZeneca PLC    AZN   GB0009895292

ASTRAZENECA PLC

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AstraZeneca : bolsters COVID-19 vaccine supply with new deal

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09/01/2020 | 06:47am EDT
FILE PHOTO: A man walks past a sign at an AstraZeneca site in Macclesfield

AstraZeneca has expanded its agreement with cell therapy firm Oxford Biomedica to mass-produce its COVID-19 potential vaccine, as it looks to scale-up supply ahead of a possible U.S. fast-track approval.

While the British drugmaker works on the widely watched coronavirus vaccine hopeful, AZD1222, its main portfolio of treatments for cancer, diabetes and heart diseases scored a win after its drug, Imfinzi, was approved for use in Europe to treat an aggressive form of lung cancer.

The company's shares gained as much as 1.5% to trade at 84.6 pounds by 0807 GMT, outperforming the benchmark FTSE-100 index, after Oxford Biomedica announced the expanded agreement and on news of the EU approval for Imfinzi.

Cambridge-based AstraZeneca's vaccine is among the leading candidates in the global race for a successful vaccine and it has entered late-stage trials in the United States, the company said on Monday, as it targets 3 billion doses of the vaccine, globally.

Oxford Biomedica said in a statement that AstraZeneca would give it 15 million pounds ($20 million) upfront to reserve manufacturing capacity at Oxford Biomedica's plant and that it could get an additional 35 million pounds under a new 18-month deal.

The company was spun off in 1995 from the University of Oxford, which developed the vaccine before licensing it to AstraZeneca in April.

It was among AstraZeneca's initial partners when they teamed up to produce the vaccine and focus on UK and European supply. Tuesday's deal could be expanded further by another 18 months into 2022 and 2023, Oxford Biomedica said, sending its share price up 2.1% to 862 pence.

"Our previously announced partnership with the UK's Vaccine Manufacturing Innovation Centre (VMIC) has supported our ability to make additional facilities available for this supply agreement," said Oxford Biomedica's Chief Executive John Dawson.

The company, however, did not specify how many doses of AstraZeneca's vaccine it expects to produce under the expanded deal, which is for "large-scale commercial manufacture," according to its statement.

(This story corrects paragraph 3 to say EU (not U.S.) approval for Imfinzi)

By Pushkala Aripaka and Aakash B


Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC -1.40% 7766 Delayed Quote.2.09%
OXFORD BIOMEDICA PLC -1.47% 804 Delayed Quote.24.65%
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Financials (USD)
Sales 2020 26 659 M - -
Net income 2020 3 027 M - -
Net Debt 2020 13 202 M - -
P/E ratio 2020 46,6x
Yield 2020 2,80%
Capitalization 132 B 132 B -
EV / Sales 2020 5,45x
EV / Sales 2021 4,75x
Nbr of Employees 70 600
Free-Float 95,7%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 118,34 $
Last Close Price 100,57 $
Spread / Highest target 54,6%
Spread / Average Target 17,7%
Spread / Lowest Target -34,4%
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Managers
NameTitle
Pascal Soriot Chief Executive Officer & Executive Director
Leif Valdemar Johansson Non-Executive Chairman
Pam P. Cheng Executive VP-Operations & Information Technology
Marc Pierre Jean Dunoyer Chief Financial Officer & Executive Director
Menelas N. Pangalos EVP-Biopharmaceuticals Research & Development
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